Investors weigh housing, oil
Futures turn neutral following Case-Shiller reading and recovery in price of crude towards $116 a barrel.
NEW YORK (CNNMoney.com) -- Stock futures moved into neutral territory Tuesday as investors weighed a record decline in home prices and a rebound in the price of oil.
Stock futures were slightly lower less an hour before the start of Tuesday trading. Earlier, futures were much lower suggesting that Monday's selloff would continue.
Housing: Home prices plunged by a record 15.4% during the second quarter from a year ago, according to the S&P/Case-Shiller home price index.
The report measures the change in residential housing prices in 20 major cities.
Dollar vs. oil: The U.S. dollar climbed to a 6-month high against the euro and was higher versus major currencies, including the yen and British pound. The European markets mixed, while the Asian markets finished lower.
After an early retreat, oil prices headed higher, climbing 88 cents a barrel to $115.99, helped by concerns over possible oil supply disruptions in the Gulf of Mexico.
Tropical Storm Gustav was upgraded to a hurricane as it headed for Haiti. But the National Weather Service doesn't expect the hurricane to reach the Gulf until Sunday.
Economic reports: Two other key reports will be distributed at 10 a.m. ET. These include the Conference Board's measure of consumer confidence for August. A consensus of analysts is expecting an index of 53.0, up from 51.9 the prior month.
Also at 10 a.m., the U.S. Commerce Department will announce July new-home sales, which are expected to drop to 525,000 from 530,000 the prior month.
The government will release the minutes from its Aug. 5 meeting of the Federal Open Market Committee at 2 p.m. ET, possibly providing clues on future interest rate moves by the Federal Reserve.
And at 3 p.m. ET, the FDIC publishes its quarterly reading on the nation's banking industry. Investors will be paying particularly close attention to size of the agency's so-called "problem bank" list, which is widely expected to increase.
Earnings reports: Investors will have their eyes on book and clothing retailers, as Borders Group and J. Crew announce second-quarter earnings after the close.
Borders (BGP) is expected to post a loss of 29 cents per share for the second quarter, according to a consensus of analyst expectations from Thomson First Call. The company is laying off workers and selling off storefronts overseas.
J. Crew (JCG) is expected to increase its second-quarter earnings by 1% to 32 cents per share, according to analyst consensus from Thomson. 
-
All credit cards are not created equal. From 7.2% to cash back, 6 great deals. More -
With the stimulus underway and unemployment rising, economic leaders weigh in. More -
Thanks to sinking home prices, these 5 homebuyers were able to score deals in prime areas. More -
A new top-of-the-line luxury sedan -- the finishing touch on a troubled brand's make-over. More -
Nissan, GM and Ford are placing their bets in the high-stakes game of electric driving. More -
Not even ultra-dapper President Obama could help Hartmarx, the Chicago-
based clothing maker. More
